Current Cycle
The current Millennial + AI CapEx cycle is expected to progress through three phases: grind higher → sharp reset → final advance, with a projected cycle top in the late 2020s / early 2030s.
[ PHASE SEQUENCE ]
ACTIVE: 1A — GRIND HIGHER
CURRENT
PHASE 1A
GRIND HIGHER
Grinding risk-asset advance.
NEXT
PHASE 1B
CONTROLLED RESET
Significant correction. Cycle remains intact.
LATER
PHASE 1C
FINAL ADVANCE
Final advance toward the major-cycle top.
MARKET EXPRESSION
NASDAQ — PRIMARY MARKET EXPRESSION
Primary market expression of the current cycle.
Last Updated: August 27, 2026